Shell subsidiary, G International, signed a Farm Out Agreement (FOA) with ExxonMobil Egypt to acquire a 100% stake in the ExxonMobil-operated North East El-Amriya Offshore Area, also known as Block 3. On completion of the transfer, BG will become the operator. The FOA is still subject to government and regulatory approvals.
“This is an important development which demonstrates the vibrancy and competitiveness of Egypt’s oil and gas sector. We are delighted to have the opportunity to work with our partner Shell, which has a long history of working in the oil and gas sector, to further develop Egypt’s offshore hydrocarbon resources,” Tarek El-Molla, Minister of Petroleum and Mineral Resources, said.
BG Delta Limited, a company wholly owned by Shell, acquired North Sidi Gaber Concession (Blocks 4) and North Al Fanar Concession Block 6 in 2020 in partnership with PICL Corporation for which seismic was acquired and the portfolio maturation is underway.
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